Your Property

At Hardmans, our specialist conveyancing team can help you every step of the way when you are buying or selling your home. There are many things to consider and it can be very stressful - that is why we are here to make sure everything is covered.

Jointly owned property

When you are purchasing a property with someone else, be it a Spouse, Civil Partner, business Partner or whoever, then it is absolutely essential that professional advice is sought.

Did you know, there are two ways of jointly owning a property. The most common way, particularly where married couples are concerned, is as joint tenants.

Joint Tenants - this ensures that upon the death of either owner the property passes automatically to the other irrespective of what is said in any Will. A joint tenancy cannot provide for different shares in the property at any point

The second way of owning is as tenants in common.

Tenants in Common - you can hold the property in differing proportions, for example, you can hold the property 60/40 or 80/20 and so on. A Declaration of Trust is also then advisable to set out the terms of ownership more fully. However, with a tenancy in common the property does not automatically pass to the other upon death, but passes according to your Will or intestacy (if you have not made a Will).

In most cases of ownership where owners are not married or in a civil partnership, you should consider setting out your respective interests in the property by owning as tenants in common and entering into a Declaration of Trust.

For further advice in this matter, please contact a member of our conveyancing team for more information.